Well I now know why its not here, Microsoft told me 'Your console has been repaired or replaced. We are shipping it back to you.' on Friday morning, so strangely I took that to mean it was posted Friday morning.
Just checked the UPS tracking data, and it only started moving in their system today, with a scheduled delivery date of 14/08/2008.
So what Microsoft mean't by 'Your console has been repaired or replaced. We are shipping it back to you.' was 'Your console is fixed and will now sit in the corner for 5 days
then we will send it back to you.'
Good ol' MS. Professional to the end.